Drive Shack to voluntarily delist from the NYSE

Drive Shack announced its intention to voluntarily delist from the NYSE and to deregister its common stock under Section 12 and Section 12 of the Securities Exchange Act of 1934, as amended, and suspend its reporting obligations under Section 15 of the Exchange Act. The Company received a notice that its securities are not in compliance with the continued listing standards of the NYSE, and in response has evaluated its options to remain listed or to go dark and has determined that going dark is the best path for the Company due to expected cost savings and the Company’s current inability to realize the traditional benefits of public company status. The Company intends to file an application for its common stock to be quoted on the OTCQX platform, operated by OTC Markets Group Inc. and intends to receive approval in the Q1 of 2023. The Company intends to continue to provide information to its stockholders and to take such actions to enable a trading market in its common stock to exist.